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CONSOB is not renewing any longer the lower thresholds for reporting duties concerning shareholding in Italian listed companies previously dictated by the Covid-19 emergency legislation


I         The CONSOB Press Release of 12 April 2021

Through its Press Release of 12 April 2021, available in Italian on


and in English on


CONSOB informed that it decided not to re-issue its Resolutions dictated by the Covid-19 emergency regulations that lowered the thresholds that triggered the reporting obligations for holdings in Italian listed companies.

The first of these Resolutions was issued on April 9, 2020 (see our newsletter no 2/2020), then they were renewed for additional three-month periods on July 8 and on October 7, 2020 and, finally, on January 13, 2021 (see our Newsletter no 2/2021).

Accordingly, from April 14, 2021, the following ordinary thresholds apply again:

  • 3% for large caps
  • 5% for “small and medium-sized companies” (“PMI”)
  • 10% for the duty of transmission of the “statements of the intentions” of the purchaser of holdings

The other thresholds for reporting and information duties provided by the Consolidated Text of Finance (“TUF”) and the second-level CONSOB rules remain unchanged so long they were not affected by the emergency regulations.


[1] IMPORTANT INFORMATION This memorandum is not given in performance of a professional engagement during an attorney-client relationship and is only given for a general information to the reader regarding the matters discussed herein.  Therefore, this document should not be relied upon as a legal opinion and no action should be taken on the basis of the information herein contained.  © 2021 Francesco Paolo Crocenzi